Private limited Company – Eligibility, Registration and Related Provisions.
A private limited company is the most prevalent form of company organization in India. To register a private limited company in India, one has to comply with provisions of the Companies Act, 2013. The basic structure of this company form comprises of a minimum of two shareholders and a minimum of two directors. A private limited company abbreviated as PVT Ltd along with the registered name of the company offers certain exceptional advantages to the entrepreneurs over other company organizations including guiding restriction and control over ownership with limited liability and perpetual existence of the business.
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Here we have explained in detail the preliminary norms to consider before going for a private limited company registration online.
- Minimum of two people to represent as shareholders & directors of the company simultaneously up to a maximum of 200 members.
- Minimum Authorised and Subscribed capital of One lakh rupees.
- Out of all directors, one should be a resident Indian.
- Should hold a unique company name.
- Should hold a particular office address where all communications shall be received.
- KYC and identity proofs of member shareholders and directors (PAN, Aadhaar, Proof of nationality like Passport/Voter ID or Driving License, Passport size photographs)
- Address proofs of member shareholders and directors (Electricity bill/Mobile bill/Bank Statements etc.)
- Proof of business address to be registered (Rent deed, Lease agreement, Electricity bills, NOC from landlord etc.)
- DSC (Digital Signature Certificate).
- Necessary attachments like DIR-2, INC-9, Declaration from First Subscribers & Directors etc.
- DIN (Director Identification Number).
Registration of a private limited company online is a comprehensive process of filling numerous e-forms and proper following of regulations defined in the Companies Act, 2013. While the registration process is as follows:
Obtaining DSC: A Digital Signature Certificate (Class 2-DSC) is required to authenticate the electronic form to be filed for registration of the private limited company. DSC can be obtained from any Certified authority licensed to issue a Digital Signature Certificate. (http://www.mca.gov.in/MinistryV2/certifyingauthorities.html).
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Obtaining DIN: A Director Identification Number is an identity number issued to the person associated with the company as director. DIN can be obtained by either filling a separate form DIN -3 or can be obtained by filling details of the directors in SPICe (INC-32) e-form while filling application of registration of the company.
Application for Unique Name Approval for the Company: A Unique Name of business is to be proposed for successful registration of a private limited company. Two suggested names of the company can be submitted for approval using a digital e-Form RUN (Reserving Unique Names) with a prescribed fee, available on the MCA common portal or can be submitted while filing company registration form SPICe (INC- 32).
Note – The proposed name shall not to include any prohibited word specified under Companies Act, 2013.
Filling of form SPICe (INC – 32): All required details of the company – being the composition of directors, authorized and subscribed capital, registered office address along with necessary declarations as prescribed is to be submitted using this e- form.
Filing of MOA and AOA: Memorandum of Association, being considered as the charter document of the company is to be filed along with e-form INC -33 and Article of Association defining company internal rules and regulations is to be filed using e-form INC- 34. Both MOA and AOA of the company can also be filed using the same incorporation form SPICe INC-32. Also, these have to be digitally verified using DSC.
Submission of PAN & TAN: Details of PAN, TAN as issued by the tax department to the members and directors of the company is to be submitted using the same e-form INC-32.
After successful submission of all details and documents, the Registrar of Company will issue a Certificate of Incorporation after which the business can be initiated as a registered private limited company.
Benefits of Private Limited Company Registration
Registration of business to a private limited company form offers you the following advantages:
– Separate legal entity from members.
– Restricted liability of Shareholders.
– Perpetual Existence of business
– Limited Risk
– Ease in obtaining loans and fundings
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